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Bayer
Cropscience net at Rs 12.4 crore
Mumbai: Bayer Cropscience India Ltd recorded a
net profit of Rs.12.4 crore for the quarter-ended September
30, compared to Rs.7.8 crore for the previous year's corresponding
quarter. The company's total income increased from Rs.102.8
crore recorded in the second quarter last fiscal to Rs.137.0
crore this quarter, according to a company notification
to the BSE.
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TNPL
net at Rs 13.6 crore
Chennai: Tamil Nadu Newsprint and Papers Ltd has
reported a net profit of Rs 13.61 crore on sales of Rs
129.63 crore for the quarter ended September 30, against
a net profit of Rs 15.30 crore on sales of Rs 138.37 crore
for the same period last year. Other income for the period
was Rs 8.05 crore against Rs 3.80 crore in the second
quarter of last year. The loan restructuring, undertaken
by the company during 2002-03, helped it to bring down
the interest and finance charges during the quarter by
Rs 2.48 crore - to Rs 4.29 crore (Rs 6.77 crore). A TNPL
press release said that production during the quarter
was 45,098 tonnes (newsprint 4,753 tonnes, and printing
and writing paper 40,345 tonnes). There was a production
loss of 3,932 tonnes during July as the plant was shut
down for 12 machine days due to water shortage. For the
half year ended September 30, TNPL posted a net profit
of Rs 28.21 crore on sales of Rs 260.02 crore (Rs 27.54
crore on sales of Rs 278.83 crore).
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Pritish
Nandy net up at Rs 0.95 cr
Mumbai: Pritish Nandy Communications Ltd (PNC)
has reported a net profit of Rs 0.95 crore for the quarter
ended September 30, 2003 compared to a net loss of Rs
1.46 crore in the year-ago period. Total income during
the quarter rose to Rs 5.2 crore as against Rs 2.59 crore
in the year-ago quarter. During this quarter, the company
released the film Mumbai Matinee. It also announced the
launch of Chameli, starring Kareena Kapoor. The film is
nearing completion and will be released this winter. PNC
will also be releasing Hazaaron Khwaishein Aisi this winter.
The company had earlier announced the launch of its new
film Gulel. The film will commence shooting in December
and will be released worldwide in the coming summer. PNC's
other film Sahib Biwi Ghulam, will come out early next
year. The rights have already been acquired by the company
from the legal heirs of the author and Deepa Mehta has
been signed on to make the film. For the six-month period,
the company reported a net profit of Rs 1.67 crore against
a net loss of Rs 0.89 crore. Total income was Rs 9.75
crore (Rs 7.66 crore).
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EID
Parry Q2 net rises
Chennai: EID Parry (India) Ltd, part of the Murugappa
group, has posted a profit after tax of Rs 10.20 crore
on sales income of Rs 457.43 crore for the quarter ended
September 30 against a net profit of Rs 8.77 crore on
sales of Rs 424.03 crore for the same period last year.
For the half-year ended September 30, the company's net
profit stood at Rs 11.95 crore on sales of Rs 636.69 crore
compared to a net profit of Rs 11.15 crore on sales of
Rs 723.13 crore for the same period last year. According
to a company release, due to effective implementation
of the release mechanism, domestic sugar prices improved
during the quarter under review to Rs 12,800 per tonne
from Rs 11,000 per tonne in the first quarter of the year.
The Centre increased the price of levy sugar for the 2002-03
season by Rs 545 per tonne over the previous season. Sugar
export volumes came down in the first half due to low
international prices. The release said that insufficient
rainfall during the South-West monsoon in most parts of
markets in Karnataka, Tamil Nadu and parts of Andhra Pradesh
resulted in lower fertiliser sales volume in the first
half of the year.
Pesticide
sales, however, at Rs 82.83 crore improved by 16 per cent
over the same period last year. According to the release,
interest was almost halved to Rs 9.49 crore during the
half year from 18.93 crore for the same period last year
as the company tapped low-cost working capital finance
in the form of foreign currency loans, retired high-cost
debts and availed itself of the interest credit benefit
extended by the Government for holding buffer stock of
sugar. For the quarter under review, interest cost was
Rs 5.07 crore against Rs 7.55 crore for the same period
last year.
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Exide
net up at Rs 20.71 cr
Kolkata: During the quarter ended September 30,
2003, Exide Industries Ltd has posted a net profit of
Rs 20.71 crore as compared to Rs 14.28 crore in the same
period of last year. The profit before tax amounted to
Rs 32.11crore (Rs 22.03 crore), gross profit Rs 44.54
crore (Rs 33.60 crore) and operating profit Rs 47.91 crore
(Rs 42.34 crore). The gross sales amounted to Rs 307.38
crore (Rs 281.28 crore) and net sales Rs 246.43 crore
(Rs 226.34 crore). S.B. Ganguly, chairman of the company,
in a statement, said that the automotive battery sales
increased as a sequel to continuing growth in car sales.
The continuing computerisation of industrial activities
drove up sale of UPS batteries, he said adding that given
the stable political clime and bullish market condition,
the prospects of battery market as a whole appeared to
be bright for the coming months.
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PSI
Data Systems allots pref shares to Indian Rayon
Mumbai: PSI Data Systems has allotted cumulative
redeemable preference shares and issued these to Indian
Rayon and Industries Ltd (holding company). This is pursuant
to a special resolution passed at the company AGM held
on September 12 this year, informed a company notification
to the BSE. The seven per cent cumulative redeemable preference
shares of Rs 100 each for cash at par has been issued
to Indian Rayon with deemed date of allotment of September
24, the notification said.
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10
miners dead in Singareni mishap -
CM announces Rs 6-lakh ex-gratia
Hyderabad: In yet another mine accident in the
state-owned Singareni Collieries Company Ltd, 10 miners
are feared dead and two others injured following a mine
collapse in GDK 8A in the wee hours of Friday, about 230
km from here. Friday's tragic incident is the second in
less than four months in the mines, where about 17 miners
earlier drowned, has yet again raised doubts about the
safety of the mine system in the region. Reacting to the
incident, the state chief minister, N. Chandrababu Naidu,
rushed two of his Cabinet colleagues to the site to make
an on the spot assessment as also coordinate the necessary
relief measures, while announcing ex-gratia to those affected.
Addressing a prèss conference in Secretariat, Naidu
said 12 miners were trapped as the mine collapsed in the
Godavarikhani region of Ramagundem area. While directing
a judicial enquiry into the incident, Naidu said that
necessary steps would be taken to ensure that all safety
measures are adhered to. In case, it is found that there
was negligence on the part of the management, those responsible
would be brought to book. Expressing condolence to the
members of the kin of the victims, Naidu said that Rs
6 lakh would be released immediately. Of this, Rs 3 lakh
would be from the CM's Relief Fund and another Rs 3 lakh
would be from the SCCL corpus. This apart a member of
the victim's family would be provided employment as per
the rules and all steps taken to educate the members of
the family. The accident occurred at about 1.15 a.m. due
to a roof fall at a depth of 135 metres from the surface
of the mine in Ramagundem region. Nearly 320 persons were
working in the shift, according to the Singareni Collieries
officials. The company announced that it would provide
employment to the eligible dependent of the deceased or
pay monthly monetary compensation.
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Bharat
Bio launches recombinant streptokinase
Hyderabad: Bharat Biotech International Ltd (BBIL),
the city-based bio pharmaceutical company, has announced
the launch of recombinant streptokinase, the first line
therapy for myocardial infarction (heart attack), making
it the country's first and world's second manufacturer
after a Cuban company. Announcing the launch of product
- Indikinase - in the presence of the South African president,
Thabo Mbeki, here on Friday, the BBIL chairman and managing
director, Dr Krishna Ella, said by manufacturing recombinant
streptokinase indigenously, the company has not only ensured
a high quality product but also offered life-saving drug
to the needy in the country at a highly competitive price
compared to the currently imported products. Stating that
the competitive pricing was possible because of the company's
cutting-edge technology advantage and innovative R&D
approach, Dr Ella, however, declined to disclose the price
for strategic reasons for the time being. According to
Dr Ella, the recombinant streptokinase scores over its
non-recombinant counterpart in many respects, the most
significant one being able to prevent excessive bleeding
compared to the existing products. BBIL has conducted
multi-centric clinical trials in various parts of the
country for the product, which was duly approved by the
National Regulatory Committees such as Genetic Engineering
Approval Committee, Ministry of Environment & Forests,
and the Drug Controller General of India (DCGI), he said.
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TVS
Motor opts for stock split
Chennai: TVS Motor Company on Friday announced
a stock-split — the company's Rs 10-share is to be
sub divided into equity shares of a face value of Re 1
each. The stock-split will enhance liquidity, making trading
easier, the company's chairman and managing director,
Venu Srinivasan, told presspersons here on Friday. The
proposal, cleared by the board, will be implemented after
the company get the shareholders' approval, at a meeting
to be convened for that purpose. That the company might
go in for a stock split was hinted at by Venu Srinivasan
at the company's annual general meeting last month. The
TVS Motor share today closed at Rs 892, after reaching
a high of Rs 907, on the NSE. It is understood from company
sources that although technically 42 per cent of the company's
stock comes under `public holding', only 15-20 per cent
is actively traded. The stock split will generate (ten
times) more shares, and more investors would be able to
participate in trading. Meanwhile, TVS Motor's Board also
decided that the company's subsidiary, Lakshmi Auto Components
(LAC) would be merged with TVS Motor. Shareholders of
LAC would get one share of TVS Motor for every seven held
of LAC. The exchange ratio was arrived at as per the advice
of consultants, Deloitte, Haskins & Sells. As per
the proposed scheme of amalgamation, the rubber and plastics
business of LAC would be transferred to LAC's subsidiary,
Sundaram Auto components Ltd, on a "slump sale basis"
for a consideration of Rs 12.25 crore.
The engine components division, together with other investments
and assets of LAC would be merged with TVS Motor Company.
The appointed date for transfer of undertaking if rubber
and plastics business of LAC to SACL is April 01, 2003.
The appointed date for amalgamation of the engine components
division with TVSM is April 02, 2003. The consideration
for the transfer of undertakings of rubber and plastic
businesses of LAC to SACL will be by way of allotment
of 24,50,000 equity shares of Rs 10 each at a premium
of Rs 40 per share, credited as fully paid.
The
scheme of amalgamation will come into effect upon approval
of the scheme by the shareholders, and by the Madras High
Court.
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